US platemaker SSAB Americas has increased its plate prices by $60/short ton (st).
The company made the announcement this morning for its as-rolled, normalized, quenched and tempered and wide cut plate products. It did not release a minimum price target, and prices its plate products on a delivered basis.
SSAB Americas said the price increase is applicable immediately to any new spot orders that are confirmed to ship from the week of 5 March and beyond.
It added that any open offers could be re-quoted if they are not confirmed by the company.
The price increase is the first for the company since 9 May 2022, when it raised plate prices by $50/st.
The Argus US plate delivered assessment has fallen by 25pc since the beginning of May, with many plate buyers saying the decline is long overdue as the product remains significantly higher than hot rolled coil (HRC) prices, which it has historically tracked. The spread between the ex-works plate and Midwest HRC price is currently $714/st.
